According to an ET report, despite the broader equity indices reaching new highs and many stocks trading at high valuations, bankers have reported that investors remain enthusiastic about purchasing new shares.
Companies expected to launch their IPOs in the next one to two months include Afcons Infrastructure, Allied Blenders and Distillers, Asirvad Microfinance, Bansal Wire Industries, CJ Darcl Logistics, Emcure Pharmaceuticals, One MobiKwik Systems, Premier Energies, Shiva Pharmachem, Stanley Lifestyles, and Waaree Energies.
According to primedatabase.com, “About 18 companies have got approval from the Securities and Exchange Board of India (Sebi) to launch initial public offerings (IPOs) for collectively raising over Rs 20,000 crore.” Furthermore, an additional 37 companies have submitted their draft red herring prospectus (DRHP) to the market regulator, seeking approval to raise more than Rs 50,000 crore.
Major IPOs Expected
The IPO of online travel platform Ixigo, which was the first since the general election, was fully subscribed within hours of opening on Monday, demonstrating strong demand from retail investors.
The Rs 740 crore public offer, which is set to conclude on Wednesday, has generated significant interest among investors.
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“Buoyed by the return of the Modi government, the market strongly expects policy continuity with an emphasis on infrastructure spending and domestic manufacturing to support robust economic growth,” said V Jayasankar, managing director at Kotak Investment Banking.
“As a result, several companies are now planning to launch their IPOs in the near term amid strong domestic inflows.”
Allied Blenders and Distillers, India’s third-largest Indian Made Foreign Liquor (IMFL) producer, is gearing up to enter the capital market in the latter part of this month, with the goal of raising approximately Rs 1,500 crore.
Meanwhile, Emcure Pharmaceuticals, a generic drug manufacturer, is preparing to launch an IPO valued between Rs 2,200-2,300 crore by the end of the month, having recently secured approval from Sebi earlier this week.
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In the electric vehicle sector, Ola Electric is gearing up for its Rs 5,500 crore IPO, which is anticipated to take place in the coming weeks. The company, which is India’s largest electric two-wheeler manufacturer, has already obtained Sebi’s approval, according to informed sources. This will mark the first IPO by an EV startup in the country.
Waaree Energies, a photovoltaic (PV) solar panel manufacturer, is also planning to go public in the near future. The company’s IPO will consist of a fresh issue worth Rs 3,000 crore and an offer for sale (OFS) of 3.2 million shares from existing investors.
Afcons Infrastructure, the flagship company of Shapoorji Pallonji Group, is preparing to launch its IPO in the upcoming month, aiming to raise Rs 7,000 crore. The company submitted its draft papers in March and is currently waiting for approval from the Securities and Exchange Board of India (Sebi).
Another player in the solar energy sector, Premier Energies, India’s second-largest integrated solar cell and solar module maker, is preparing to launch its public issue soon. The IPO will include a fresh issue of Rs 1,500 crore and an OFS of up to 28.2 million shares.
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Deepak Kaushik, head of equity capital markets at SBI Capital, told ET, “With volatility in the secondary market settling down and demand remaining strong, we will proceed with the planned IPOs.” He added that the overall activity in the primary market, from filing the draft red herring prospectus (DRHP) to launching public issues, is expected to accelerate now.
SBI Capital is acting as the banker for several upcoming IPOs, including those of Asirvad Microfinance, Bansal Wire Industries, Dee Development Engineers, and Stanley Lifestyles.
In the current year, 2024, 30 companies have raised Rs 27,780 crore through IPOs, compared to the Rs 49,500 crore raised by 57 companies in the previous calendar year, 2023.
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